A Remortgage – What is It?

You say tomato, I say tomahto. You say remortgage, I say refinance. Yup, you guessed it. They both mean the same thing. The only difference is “remortgage” is the term used primarily in England where as “refinance” is used in America. Since the housing crash hit, more and more people are searching out for a new loan once their existing rate starts adjusting. This is typical for those who went with a 3 or 5 year ARM instead of locking in a 30-year fixed.

Has your number been called yet in the UK or are you just looking for a better overall mortgage rate? If so, now is the time to start looking while interest rates are still reasonable. The hardest part is finding the right person or loan broker to work with (at least in my experience) but with the internet at your fingertips, it’s much easier.

As I mentioned in my previous post about researching home insurance policies, using a search engine comparison site is the best way to compare and find deals catered for you. This is also true when it comes to just about anything these days. Before I order things online, I use shopping comparison sites like Froogle. When I’m searching for health insurance I’ve used ehealthinsurance.com. Now, if you’re living in the UK and looking for a remortgage, I would try a site like remortgage.org.

Remortgage.org makes it easy to speak with a mortgage professional for free advice regarding a remortgage in the UK. After completing 3 steps on their site, you’ll get access to one of their professional remortgage brokers. They will then answer your questions regarding advice on a mortgage or remortgage in the UK. I have yet to personally try them out since I don’t live in the UK but their site is pretty clean and useful which presumably means their staff is professional too.

If anyone has used remortgage.org, I would love to hear about your experiences by commenting below. Our goal is to help share knowledge and real estate information that is useful to all.

Remortgaging is nothing but switching over from your current mortgage lender to a new one, of course in anticipation of a better deal with lower interest rates. Remortgage becomes a viable option when the market situation is favorable and the interest rates start to decrease. Remortgaging can help you make use of your home equity and get better deals at cheaper rates. Remortgaging may often incur costs and fees but this is taken into account when a professional adviser looks at your circumstances.
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Genelia

A remortgage denotes paying off of the current mortgage loan in full by use of funds from a new lender. The purpose is essentially to save money, lower payments, pay off other debts (that is, debt consolidation), cash out and lower interest rate.

You can visit: mortgagestar.com/strotter1 to check it out or apply online. It offers good financing options.

Remortgage or refinance – this words don’t matter for people who looking for a good professional advice. That’s why I want to say many thanks for the link at Remortgage.org. There is many useful info which help me understood all that I want to know about Remortgage.

Here in San Antonio many home owners with unafordable rates are going to a program called NACA. NACA works with the current lender to help negotiate a payment the home owner can afford. They do this service for free as they are a non profit organization. Has anyone had any experience with this.

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Mary on
April 23rd, 2009 11:15 am

Thank you, I kinda figured that out. We have all heard that President Obama has set aside money to help American’s to do Mortgage Modifications. I think that is great. And I want to see if we will qualify. BUT – where do I find someone that will truly help me and not rip me off? HUD – no. I called local a loan officer listed in the loan area of HUD’s web site. She said she does not know anyone that is doing them – but to be sure whom ever I use is an Attorney!

I have heard many news commentators and people in real estate to not use someone who wants money up front. But that is all I am finding. I know if I query on the Internet for Loan Modification I will get millions of responses and never be able to find a legitimate person with all the responses I will get.

Please – I have worked for the school district since Sept. 2007 and only get 3.5 hours of work a day. I have been looking for and applying for a full time job since then – only to find none. We have spent all of our savings, took money out on a credit card and borrowed from my mom. I know I will be getting a pink slip in June. My entire department is getting pink slips. When we qualified for this mortgage they listed me as the main borrower knowing I was quitting my job and would be looking for one. My husband drives 70 miles each way daily for work at Disneyland. My mom gave us a gift for the down payment and there is no way I want to loose that.

We agreed to $375,000 for this house. Within the last month, 2 banks were selling larger houses in our track for $175,000 and $170,000. Luckily our mortgage is only $220,000 but with the prospect of loosing this house is stressing me out. I was hospitalized for my heart in Feb. 2008, we have 3 young kids (2 we adopted, and are “delayed”) and we do not want to leave this house! Please – can you help us?

I haven’t heard remortgage before but I do know what refinancing. Sometimes there are words that have the same meaning but where just not aware of it.^_^
Refinancing is to extend the repayment time to pay off other debts.

There are two things that might spell/pronounced different but the meaning is exactly the same.
Remortgage and refinancing means the same thing.
This article is really informative hope you share more of your knowledge in real estate.

I recently came across your blog and have been reading along. I thought I would leave my first comment. I donâ��t know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often. I’m interest in
property investment as well.

I recently came across your blog and have been reading along. I thought I would leave my first comment. I donâ��t know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often. I’m interest in property investment as well.

I just call them re-fi’s here in Tampa Bay, Florida. Whatever you call them, they can be useful in reducing your monthly payment or freezing in the rate you have right now instead of taking a risk on future mortage rates. I’d be more than happy to help anyone interested in this area to find that perfect home for their own family at these attractive mortgage rates. Learn more about my services at http://www.tampafloridahomes.net/meet-cheryl-stimac.shtml

Since I’m a newbie in this industry. The following information regarding the terms used are pretty much an aid to widening my vocabulary as far as real estate is concern. I’ve been looking for different sites where I could access necessary information about real estate, hard money lenders, where to find them.I’ve checked sites like reiwired.com and rehabhardmoney.com where I got useful information. And your article in about remortgage and refinancing added knowledge to me.

The loan of real estate time line is 5-30 years and there are many people want to get this facility to bank. This real estate loan is called mortgage loan. I think this is typical for those who went with a 3 or 5 year ARM instead of locking in a 30-year fixed.

This article is very Informative. I haven’t heard of Remortgage and this is new. A big help for Real estate investors. “Business Builder” like me should take a pause on this. It’s another way for Real Estate Investors.

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In the eyes of many the two words are just the same. But it is good to know that articles like this one is being published to help clear out some terms that are new in the perception of many. Keep it up!

Remortgage = again, right? The way I perceive it is that….remortgaging means changing from your old mortgage agreement to another mortgage agreement. I may be right I may be wrong. Just want to share my insights.

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Keiko Barreto on
November 5th, 2011 8:18 am

I guess, Remortgage is synonymous with refinancing. One should consider remortgage/refinancing if they think that the market condition is suitable. Home buyers should really think about this real hard so they will not regret refinancing.
website: Elgin Homes for Sale

Yesica Pedraza on
November 5th, 2011 9:41 am

Remortgage or refinancing can be an advantage or a huge help for home buyers. if you want a home improvement or renovation, you can always apply for a refinancing supporting a home improvement loan. Home buyers can really take advantage of this option if they know how to use it correctly.

yeah it is confusing. Most people I know think that remortgage and refinance is different from each other but these two terms just tell the same concept. some home buyers decide to apply for a refinancing when they plan to have a home improvement. It is always necessary to consider your financial capacity if you are going to get a remortgage. Holmdel Homes for Sale

A remortgage broker is essentially an intermediary who brings together borrowers and lenders, but do not use the equity to make a deal. Remortgage loan money given to the customer on behalf of lenders and brokers receive payment for services rendered i…

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